Linscomb Wealth Inc. Purchases 9,303 Shares of Energy Transfer LP (NYSE:ET)

Linscomb Wealth Inc. boosted its position in Energy Transfer LP (NYSE:ET) by 13.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 80,626 shares of the pipeline company’s stock after purchasing an additional 9,303 shares during the period. Linscomb Wealth Inc.’s holdings in Energy Transfer were worth $1,499,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ET. Alps Advisors Inc. grew its position in Energy Transfer by 12.9% in the 1st quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company’s stock worth $1,400,831,000 after purchasing an additional 8,613,645 shares in the last quarter. Commerce Bank bought a new position in shares of Energy Transfer during the 1st quarter valued at approximately $92,607,000. Zurich Insurance Group Ltd FI bought a new position in shares of Energy Transfer during the 4th quarter valued at approximately $79,113,000. Hsbc Holdings PLC bought a new position in shares of Energy Transfer during the 4th quarter valued at approximately $50,166,000. Finally, Westwood Holdings Group Inc. grew its position in shares of Energy Transfer by 18.2% during the 4th quarter. Westwood Holdings Group Inc. now owns 16,331,220 shares of the pipeline company’s stock valued at $319,929,000 after acquiring an additional 2,512,060 shares during the period. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Performance

NYSE ET opened at $17.28 on Monday. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The stock has a market capitalization of $59.32 billion, a PE ratio of 13.40, a P/E/G ratio of 0.90 and a beta of 0.83. The company’s 50 day simple moving average is $17.79 and its two-hundred day simple moving average is $18.10.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. During the same period in the prior year, the company posted $0.35 EPS. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. Analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th will be paid a $0.33 dividend. The ex-dividend date is Friday, August 8th. This represents a $1.32 annualized dividend and a yield of 7.6%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 102.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ET. Wells Fargo & Company reduced their target price on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Cowen began coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating for the company. TD Cowen began coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating and a $22.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Energy Transfer from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, May 19th. Finally, Mizuho upped their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.58.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the sale, the director directly owned 24,523 shares in the company, valued at $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.